March 27, 2008

The NYK Group announced on March 27 its new medium-term management plan, "New Horizon 2010," which will consolidate strategies from the previous plan to enhance growth, increase stability and further protect the environment.

The new plan, which will run from April 2008 to March 2011, replaces "New Horizon 2007," which ran from April 2005 to March 2008. Under "New Horizon 2007," the NYK Group strengthened its corporate power as a comprehensive logistics company by focusing on three key strategies: 1) Expand shipping segment, 2) Evolve into a logistics integrator, and 3) Enhance our corporate fundamentals. In this last fiscal year for the plan, the NYK Group forecasts that it will reap the biggest profits of any year in its history. Under "New Horizon 2007," it expanded transportation businesses covering the sea, land, and air and recorded about 60% growth by increasing revenue from roughly 1.6 trillion yen to 2.6 trillion yen. Under "New Horizon 2010," it will build on this work, while also pursuing the three strategies outlined below, and in so doing will continue to evolve into a global monohakobi (transport) company that achieves regular increases in revenue and profits.

Three Key Strategies

Growth

• Deepen the scope of strategies for global logistics services.
• Expand energy and natural resource transport.
• Extend business reach in growth regions, especially the BRIC* countries.

*BRIC: Brazil, Russia, India and China

Stability

• Reinforce customer-oriented services.
• Stabilize profits by securing long-term contracts.
• Maintain a sound financial position and work to further strengthen this standing.

Environment

• Ensure safety.
• Score far ahead of other companies as an environmentally progressive corporate group
• Aggressively invest in the development of environment-friendly technologies.

Performance Targets

Fleet and Nonfleet Investment Plans

Ships in fleet, ships and investments to be added (including leasing and long-term charter contracts)

	March 2005	April 2005-March 2008		April 2008-March 2011		April 2011-March 2014
	Actual size of fleet as of March 31, 2005	Newly acquired vessels (Procurement total)	Anticipated size of fleet as of March 31, 2008	Newly acquired vessels (Procurement total)	Anticipated size of fleet as of March 31, 2011	Newly acquired vessels (Procurement total)	Anticipated size of fleet as of March 31, 2014
Mainly bulk carriers and LNG carriers	371	110 (¥520 billion)	492	132 (¥740 billion)	630	150-200 (¥1,100- 1,200 billion)	750-800
Car carriers	98	24 (¥120 billion)	113	39 (¥250 billion)	150	20-30 (¥140 -200 billion)	160-170
Mainly liners	177	41 (¥260 billion)	201	47 (¥380 billion)	220	30-40 (¥300 -400 billion)	240-250
Total	646	175 (¥900 billion)	806	218 (¥1,370 billion)	1,000	200-270 (¥1,540 -1,800 billion)	1,150-1,220

Investments other than ships (including logistics, Air Cargo transportation, other) Estimated amount was 290 billion yen for April 2005 to March 2008, and will be 290.billion yen for April 2008 to March 2011.

Environmental Measures

As mentioned above, the NYK Group expects to achieve growth and stability as a genuine global company. At the same time, it will strive to score far ahead of other companies as an environmentally progressive corporate group by making environmental issues a central plank in its management focus.

To that end, this April NYK president Koji Miyahara has set in motion the NYK Cool Earth Project, which will involve the entire NYK Group in the development of environmentally-friendly technology and other schemes that promote environmental sustainability.

For details, please refer to the following website.(update on March 28, 2008)
. URL:http://www.nyk.com/english/ir/corporate/strategy/index.htm